On April 2nd, against the backdrop of the gradual disappearance of quarter end disturbances and the central bank’s operation to protect liquidity, the market funds have shown a stable and loose trend in recent days. Industry insiders indicate that liquidity pressure has significantly eased after the cross season, and the central price of funds is expected to decline. At the same time, fiscal efforts will accelerate the pace of government bond issuance, and the pressure on government bond supply in the second quarter will gradually emerge. It is widely expected in the industry that if the supply of government bonds accelerates and pushes up the funding interest rate, the central bank may hedge the pressure on the funding side through various monetary policy operations, coupled with the fiscal injection effect in the second quarter, and the funding side is expected to loosen marginally. (Shanghai Stock News)
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